EX-99.1 2 v386495_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

The Value of Activist Board Membership

 

The following Chart has been prepared by Icahn Enterprises and responds to those that question the efficacy of including activists' designees on public company Boards of Directors.

 

From January 1, 2009 to June 30, 2014 (a 5.5 year period) Icahn designees have joined the Boards of the 23 companies listed in the Chart. As reflected in the Chart, a person that invested in each company on the date that the Icahn designee joined the Board, and that sold on the date that the Icahn designee left the Board (or continued to hold through June 30, 2014 if the designee did not leave the Board) would have obtained an annualized return of 27%.

 

         Date Exited  Hypothetical 
         Board (or  Investor 
         6/30/2014 if  annualized 
      Date Joined  still on  Return during 
#  Company Name  Board  board)  board tenure 
              
1  Amylin Pharmaceuticals Inc  6/9/2009  8/8/2012   38%
2  Biogen Idec Inc  6/10/2009  6/30/2014   43%
3  Chesapeake Energy Corp  6/21/2012  6/30/2014   33%
4  CIT Group Inc  12/18/2009  5/10/2011   38%
5  Dynegy Inc  3/9/2011  10/1/2012   -81%
6  Ebay Inc  6/17/2014  6/30/2014   76%
7  Enzon Pharmaceuticals Inc  5/21/2009  6/30/2014   -10%
8  Forest Laboratories Inc.  8/5/2012  6/30/2014   77%
9  Genzyme Corp  6/16/2010  4/11/2011   61%
10  Herbalife International Ltd  4/25/2013  6/30/2014   60%
11  Hologic Inc  12/9/2013  6/30/2014   28%
12  Mentor Graphics Corp  5/18/2011  6/30/2014   13%
13  MGM Studios  4/25/2012  8/15/2012   96%
14  Motorola Mobility Inc  1/3/2011  5/22/2012   22%
15  Motorola Solutions Inc  1/4/2011  3/1/2012   23%
16  Navistar International Corp  10/8/2012  6/30/2014   33%
17  Nuance Communications, Inc  10/7/2013  6/30/2014   2%
18  Talisman Energy Inc  12/1/2013  6/30/2014   -15%
19  Take-Two Interactive Software Inc.  4/15/2010  11/26/2013   12%
20  The Hain Celestial Group Inc  7/7/2010  11/19/2013   52%
21  Transocean Ltd  5/17/2013  6/30/2014   -10%
22  Voltari Corp  6/17/2010  6/30/2014   -62%
23  WebMD Health Corp  7/24/2012  8/5/2013   124%
Total        27%

 

Returns assume equal weighting in each investment.

 

Source of return data = Bloomberg Total Return function including dividends reinvested.

 

The Chart does not reflect the actual results of IEP’s Investment segment, nor is it necessarily indicative of future results of IEP’s Investment segment.